Munich Re raises ERGO profit target following third-quarter results

Munich Re reported third-quarter operating profits of €1.04bn, turning around last year’s €1.73bn loss in the same period, which was heavily impacted by US hurricane claims. After tax, the group’s consolidated profit totalled €483m in the third quarter, from a loss of €1.44bn in Q3 2017. Reinsurance business added €309m to the consolidated result, after taking the brunt of losses…